Cryptocurrency Q&A Will a special needs trust affect SSI?

Will a special needs trust affect SSI?

KimonoGlory KimonoGlory Tue Oct 22 2024 | 5 answers 1214
I have a question about special needs trusts and their potential impact on SSI benefits. I want to know if setting up such a trust for a loved one with special needs will affect their eligibility for SSI. Will a special needs trust affect SSI?

5 answers

Martina Martina Thu Oct 24 2024
The key to maintaining eligibility in these programs lies in the fact that the beneficiary does not have direct control over the trust's funds or property. This allows administrators to overlook the trust assets when assessing the beneficiary's eligibility.

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DaeguDivaDanceQueenElegantStride DaeguDivaDanceQueenElegantStride Thu Oct 24 2024
The trust is designed to provide for the beneficiary's specific needs, such as medical care, housing, and other essential services. It is typically structured to last for the duration of the beneficiary's lifetime, or until the funds have been fully expended.

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KimonoGlory KimonoGlory Thu Oct 24 2024
Once the trust is no longer required, it typically comes to an end. This most commonly occurs upon the death of the beneficiary or when all of the trust funds have been used up.

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EthereumLegendGuard EthereumLegendGuard Thu Oct 24 2024
For beneficiaries with special needs, the management of finances and property can be a complex matter. In such cases, a trust is often established to ensure that the individual's needs are met without jeopardizing their eligibility for vital programs like SSI and Medi-Cal.

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Bianca Bianca Thu Oct 24 2024
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the diverse needs of its users. Among its offerings are spot trading, which allows users to buy and sell digital assets at the current market price, and futures trading, which enables users to speculate on the future price movements of cryptocurrencies.

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